Vendor Management Software

Financial Institutions (banks, savings associations, credit unions, trust companies)
often rely on third parties for different software, products, or services. The use
of third parties or service providers does not reduce the responsibility of the
Board of Directors and senior management to ensure the third-party products and/or
services are safe and sound and comply with applicable laws, regulations, and security
best practices. This is accomplished through vendor management.

CoNetrix offers an online vendor management software solution to help you manage your service providers. The
software was specifically designed to meet expectations set forth by the agencies (FDIC, OCC, NCUA, Federal
Reserve, and CFPB), along with the FFIEC’s BCP Handbook: Appendix J.

The Tandem Vendor Management module gives you an easy to follow
process for managing and reporting on vendors’ services, risk assessments, reviews, contracts, dates, and more.

Each vendor can be managed individually with the following management sections:

Contact Information: Include contact information for the vendor and services.

Profile: Record important facts about your vendor with the company profile.

Services: Assign and maintain services the vendor provides. Optionally conduct a risk
assessment on each service and fill out a questionnaire to determine the relationship significance and
required documents.

Responsibility: Assign employees to vendors so they can manage the updates.

Reviews: Conduct and document regular reviews of the vendor, including a general vendor
review, covering Quality of Service and Risk Management practices, and more specific reviews, such as SOC
Report Reviews or Financial Statement Reviews.

Contracts: Manage and review contracts, with the ability to securely store contracts for
business continuity purposes. Get automated email reminders about important dates.